Online Resources Corporation (Nasdaq:ORCC), a leading provider of online financial services, today reported financial and operating results for the three months ended June 30, 2009.
- Revenue was $37.8 million, up 2 percent compared to $37.2 from second quarter 2008.
- Adjusted Ebitda, a non-GAAP measure, was $9.3 million, up 26 percent compared to $7.4 million in the prior year.
- Net loss available to common stockholders was $1.7 million, or $0.06 loss per diluted share. This result compares to a net loss of $3.2 million, or $0.11 loss per diluted share, in 2008.
- Core net income, a non-GAAP measure, was $2.5 million, up 45 percent from $1.7 million in 2008. On a per share basis, core net income was $0.08, up 33 percent from $0.06 in the prior year.
"We continued to drive earnings and cash flow in the second quarter, with adjusted Ebitda and core earnings results up sharply over the prior year and exceeding consensus estimates," said Matthew P. Lawlor, chairman and chief executive officer of the Company. "As outlined to investors last fall, expense control and debt reduction are top priorities as we ride out ongoing economic weakness."
Lawlor added, "We had an excellent quarter for new client contracts, setting another record for annual contract value signed. This included several marquee clients and a high potential sales partnership. Conversely, we are challenged by slower than expected consumer billpay transaction growth, especially in our accounts receivable management and user-paid product lines."
"Looking ahead into the second half of 2009 and 2010, we expect continued strong earnings and cash flow on moderated revenue growth. We are assuming ongoing weak consumer transaction patterns, low interest rates earned on payments float and intense marketplace competition. At the same time, our prior strategic investments and ongoing cost initiatives are helping to drive increased new client contract values, new product adoption and lower total unit costs."
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